Zelenskyy-Putin talks get cancelled – Market wrap for the North American session - August 28

[Ben Graham]

Log in to today's North American session Market wrap for August 28

Markets were impatient for news regarding any progress in Ukraine-Russia talks, amid a fairly dull geopolitical week – and unfortunately, the German Chancellor Merz just announced that Zelenskyy-Putin talks will not take place, at least for now.

Oil rallied after these news but the spike saw some rejection after reaching a key technical pivot zone.

We have yet to see much diplomatic progress this week.

Read More: US Oil (WTI) breaks $65, Russia–Ukraine talks regress

It also seems that Japan isn't too fond of the current state of things regarding US tariffs, with the Japanese trade negotiator Nakazawa planning to come back to the United States to resume talks.

Apart from that, Nvidia who reported earnings after-close yesterday saw some decent selling in today's session – Some political backdrops are to be monitored with the China and US AI Cold War still ongoing.

Cross-Assets Daily Performance

Cross-Asset Daily Performance, August 28, 2025 – Source: TradingView

Gold and Nasdaq saw their best weekly performance today.

Strong Nvidia earnings and even better Magnificient 7 performance lifted the tech-focused index.

I invite you to check out our most recent Silver and metals analysis to spot why the ongoing demand is strong – Gold's rise was surely supplemented by the lack of progress in Eastern Europe's diplomatic talks.

A picture of today's performance for major currencies

Currency Performance, August 28 – Source: OANDA Labs

The US Dollar saw some decent selling flows despite beating its Quarterly GDP release, which allowed the NZD to lead another low volume and volatility FX session.

A look at Economic data releasing in tonight and tomorrow's sessions

For all market-moving economic releases and events, see the MarketPulse Economic Calendar.

Today's session is not exactly over for JPY traders – Monthly Tokyo inflation data is expected to get released at 19:50 in the evening session.
This piece of inflation data tends to be more influential than other japanese inflation releases.

The week will conclude with Retail Sales for Germany at 2:00 A.M followed by their CPI at 8:00 A.M.

The North American Session will also welcome Canadian GDP data and Core PCE at the same time (8:30 A.M.)
Later in the morning, Chicago PMI will get released at 9:45 and then, U-of-Mich Surveys with important inflation expectation readings.


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